Flex Space with Grade-Level
For Sale
Contact for pricing
818 Widgeon Rd, Norfolk, VA 23513
Industrial flex facility with office space, warehouse clear heights up to 17 feet, and multiple grade-level doors.
Property Size15,788 SF
Price / SF$180.52
Days on Market150
Property Features for 818 Widgeon Rd
General Information
Standard status
Active
Size
15,788 SF
Property subtype
INDUSTRIAL
Listing Agency:
Colliers | Norfolk
(757) 490-3300
Listed By:
Ricky Anderson · License #0225181900
(757) 217-1892
Source:
Moodyscre
Added: Apr 29
Changed: Sep 11
Last Checked: Sep 24 at 4:49PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Colliers | Norfolk
Investment Insights
Based on property information with market context.
This flex space facility totals 15,788 SF, with 7,804 SF of office space on two floors and 7,984 SF of warehouse space. The property sits on 2.363 acres with a partially stabilized yard and includes metal construction. Zoning is I-G (Industrial - General).
The building was built in 1974 and expanded in 2017. Warehouse loading includes three (10’ x 14’) grade-level doors and one (10’ x 10’) grade-level door, plus a yard ramp. Clear height ranges from 12’ 4” to 17’ throughout the warehouse. Three-phase, 240 V power is available, and the site offers convenient access along Tidewater Drive with direct access to I-64. Parking is described as ample.
Additional improvements include two clear-span steel arch buildings measuring 94’ x 32’5” x 11’10”.
The building was built in 1974 and expanded in 2017. Warehouse loading includes three (10’ x 14’) grade-level doors and one (10’ x 10’) grade-level door, plus a yard ramp. Clear height ranges from 12’ 4” to 17’ throughout the warehouse. Three-phase, 240 V power is available, and the site offers convenient access along Tidewater Drive with direct access to I-64. Parking is described as ample.
Additional improvements include two clear-span steel arch buildings measuring 94’ x 32’5” x 11’10”.
Key Highlights
- 15,788 SF flex building with 7,804 SF office (two floors) and 7,984 SF warehouse
- 2.363 acres with partially stabilized yard and yard ramp
- Zoned I‑G (Industrial - General) for industrial use
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$153,687
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.39%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,073,740
$3.1M
Cap Rate 7%
$2,195,529
$2.2M
Cap Rate 9%
$1,707,633
$1.7M
Market Conditions
NOI Build-Up for 15,788 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$246.3K $15.60/SF
− Vacancy
−$9.9K −$0.62/SF
EGI
$236.4K $14.98/SF
− OpEx
−$82.8K −$5.24/SF
NOI
$153.7K $9.73/SF
Area
Norfolk, VA
Vacancy
4.00%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,073,740
Cap Rate 7%
$2,195,529
Cap Rate 9%
$1,707,633
Alternative Uses
Best Use
Flex RnD
$2.20M
$1.92M – $2.56M
NOI $153,687 @ 7.0% cap · market cap 5.39%
Second Best
Warehouse
$1.79M
$1.57M – $2.09M
NOI $125,614 @ 7.0% cap · market cap 4.41%
Theoretical Best
Office A
$3.35M
$2.93M – $3.91M
NOI $234,443 @ 7.0% cap · market cap 8.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
274
Businesses Nearby
Under-served
Demand for This Use
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Business Placement
Demographics for 23513, VA
29,105
Population
13,040
Households
2.2
Avg Household Size
35
Median Age
22%
College-Educated
87%
High-School Grad
5.1 sq mi
ZIP Area
5,707
Density / Sq Mi
$66,875
Median Household Income
$39,547
Median Earnings
$1,187
Median Rent
$226,900
Median Home Value
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Market
Vacancy Rate% for Industrial in South region
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Frequently Asked Questions
What type of property is this?
Flex space - Industrial flex facility with office space, warehouse clear heights up to 17 feet, and multiple grade-level doors.
Where is this flex space located?
The property is located at 818 Widgeon Rd Norfolk, VA.
What is the asking price?
The asking price for this property is $2,850,000.
What are key features of this property?
This property features: 15,788 SF flex building with 7,804 SF office (two floors) and 7,984 SF warehouse; 2.363 acres with partially stabilized yard and yard ramp; Zoned I‑G (Industrial - General) for industrial use
